Primadonna Resorts News

MGM Grand, Inc. And Primadonna Resorts, Inc. Announce Merger

9th Nov 1998 Press Release Hotel News

MGM Grand, Inc. (NYSE: MGG) and Primadonna Resorts, Inc. (Nasdaq: PRMA) announced today that their respectiveBoards of Directors have approved in principle MGM Grand`s acquisition ofPrimadonna in an all stock transaction.  The terms of the merger provide forPrimadonna`s stockholders to receive 0.33 shares of MGM Grand common stock foreach share of Primadonna stock held, or a total of approximately 9.5 millionshares of MGM Grand common stock.  The transaction is subject to the executionof a definitive merger agreement, Primadonna shareholder approval and thesatisfaction of various conditions to be contained in the merger agreement,including obtaining certain regulatory approvals.